Norway's Telenor Sees Profits Jump on Slightly Improved Revenues
Published on: 13th Feb 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Norway's Telenor has announced that its fourth quarter revenues rose slightly to NOK26 billion (USD4.7 billion) from NOK25.4 billion a year ago while net profits jumped to NOK3.2 billion (USD581 million) compared to a loss of NOK2.7 billion a year ago.
For the full year, revenues rose fo NOK101.7 billion while net profits were up at NOK9.5 billion.
"I am pleased to close an eventful year with strong financial results and having reached important milestones. We have seen a strong increase in demand for data services during the year." said Jon Fredrik Baksaas, President and CEO of Telenor Group. "With the acquisition of new licences in India, we have secured a platform for our future in this growth market. Telenor's position in VimpelCom has been restored, and we will support and contribute to the company's value agenda going forward,"
The company has also increased its dividend to shareholders by 20 percent as a result of the financial performance.
The company ended the year with debt of NOK33.1 billion.